Impressive Growth in Cyprus Tourism Revenue: €223.3m in Q1 2024, Surging 11.7% YoY

Revenue from tourism reached an estimated €223.3m in January–March 2024, rising 11.7% compared to €200m in the first quarter of 2023, Cystat said.

Based on the results of its Passengers Survey, in March, revenue from tourism reached €113m, compared to €97.8m in the corresponding month of 2023, recording an increase of 15.5%.

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The average expenditure per person was €558.88 in March 2024 compared to €530.72 in March 2023 (up 5.3%).

Tourists from the United Kingdom, again Cyprus’ largest tourist market with 31.8% of the total in March, spent on average €73.49 per day, while tourists from Poland, the second largest market with 10.4% of total tourists, spent on average €75.86.

Tourists from Germany, the third largest market with 9.8%, spent on average €98.66 per day, while tourists from Greece with 9% of the market, spent on average €43.37 per day.

Finally, tourists from Israel, the fifth place on the market with 8.2%, spent on average €143.21 per day.

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Cyprus Proposes New Credit Scoring System And Data Sharing Reform

by THEFUTURE.TEAM

March 25, 2026

Cyprus Ministry of Finance has submitted a package of seven amendment bills aimed at restructuring how credit data is shared and introducing a unified credit rating system for individuals and businesses. Proposals are currently under review by the Parliamentary Committee on Finance.

Unified Credit Data Exchange Framework

Reform is part of a broader effort to modernise financial infrastructure and improve data exchange between credit institutions. Changes cover key areas including banking operations, consumer credit, mortgage agreements, credit management, finance leases and the sale of credit facilities. This initiative is also linked to the Recovery and Resilience Plan, aligning financial sector reforms with wider economic policy.

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Advanced Credit Rating Mechanism

A central element of the proposal is the creation of a single credit score for borrowers. The system will use financial data from the past 24 to 36 months to assess the likelihood of default over the following 12 months. This approach is expected to improve lending decisions and support a gradual reduction in non-performing loans.

Empowering Regulatory Oversight And Data Security

Oversight will be assigned to the Central Bank, which will set operational rules, monitor compliance and impose penalties where needed. The framework also includes provisions on data protection and banking confidentiality, developed in coordination with the Office of the Commissioner for Personal Data Protection.

Structured Data Submission And Access Controls

Proposed legislation defines which entities must submit data and which can access it, introducing a tiered system based on operational needs. Participants will include banks, credit management companies and finance lease providers, all operating under defined conditions.

Reforms aim to simplify existing regulations and reduce overlaps between current laws, as Cyprus moves to modernise its credit system. Lawmakers are expected to review the package ahead of a vote before Parliament dissolves ahead of elections.

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